China retaliates with additional tariffs of up to 15% on some U.S. goods from March 10.
China announced Tuesday it would impose additional tariffs of up to 15% on some U.S. goods from March 10 and restrict exports to 15 U.S. companies.
The retaliatory measures from China’s Ministry of Finance and Ministry of Commerce came just as additional U.S. tariffs took effect on Chinese goods.
The additional Chinese tariffs largely cover U.S. agricultural goods, including corn and soybeans, which will be subject to new duties of 15% and 10%, respectively, according to the finance ministry’s website.
Companies affected by the export controls include Leidos and General Dynamics Land Systems, according to the commerce ministry.
China’s relationship with the U.S. is bound to see disagreements, but China will not accept pressuring or threatening, Lou Qinjian, spokesperson for the third session of the 14th National People’s Congress, told reporters Tuesday morning.
The congress is set to kick off an annual meeting on Wednesday. The White House has confirmed that new duties of 10% on Chinese goods are set to take effect Tuesday, bringing the total amount of new tariffs imposed in just about a month to 20%.
Source: CNBC
